“Update: I believe this filing from BitwiseInvest is the first of the amended #Ethereum ETF S-1’s. This will contain the changes from the SEC’s first round of comments. Unknown if more rounds will be needed.”
Bitwise Invest can launch the Bitwise Ethereum ETF upon SEC approval of the S-1 form. Seyffart also commented on the likely launch date for US ETH-spot ETFs, saying,
“No way to know when these things will launch based off of this filing. Might not require any additional updates, might require tweaks. But they need final SEC approval. Launch timing will mostly be up to the SEC. Eric Balchunas & I *think* they SHOULD launch before July 4.”
While ETH had a positive Wednesday session, bitcoin (BTC) bucked the broader market trend, falling 0.28% to $65,023. US BTC-spot ETF market outflows left BTC in negative territory.
The US BTC-spot ETF market saw total net outflows of $152.4 million on Tuesday, June 18, compared with outflows of $145.9 million on June 17. While the US markets were closed for the Juneteenth holiday, four consecutive sessions of US BTC-spot ETF total net outflows likely tested buyer demand for BTC.
Technical Analysis
Ethereum Analysis
ETH hovered above the 50-day and 200-day EMAs, affirming the bullish price signals.
An ETH breakout from the $3,600 handle would support a move to the $3,835 resistance level. A break above the $3,835 resistance level could give the bulls a run at $4,000.
US ETH-spot ETF-related chatter needs consideration.
Conversely, an ETH break below the 50-day EMA and the $3,480 support level could signal a drop to the $3,244 support level.
The 14-period Daily RSI reading, 49.76, suggests an ETH drop to the $3,244 support level before entering oversold territory.
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